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- Bank of England: Recent data cemented the case for a 25 bps hike in May – Standard
Bank of England: Recent data cemented the case for a 25 bps hike in May – Standard
Following the latest UK inflation reading, analysts at Standard Chartered see the Bank of England raising the key interest rate by 25 basis points in May.
Key quotes:
“UK labour-market and inflation data released this week have presented upside surprises for Bank of England (BoE) policy makers to reflect on.”
“As the case for another 25bps hike in May has been cemented this week, we adjust our view accordingly; we now see the base rate rising to 4.50% on 11 May, having previously seen rates on hold. We also raise our end-year base rate expectation to 4.50% (4.25%).”
“Beyond May, we see the potential for additional hikes, but we think the MPC will take a meeting-by-meeting approach and decisions will be heavily dependent on how economic data evolve month-to-month.”
“We therefore do not yet subscribe to the market’s current view that another 75bps of hikes are likely by the end of the year.”
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